Markus Jooste's R105 million estate in Voëlklip goes on sale: A glimpse into luxury and scandal

Corruption kingpin Markus Jooste’s Hermanus house is reportedly up for sale, at the whopping price of R105 million.

Media reports indicate that the property is in “the prestigious area of Voëlklip, offering a prime position in one of the most exclusive estates on the Whale Coast”.

Seeff’s website shows a lavish property listed as “price on application” in “one of Hermanus’s most iconic and private coastal estates”. The Voëlklip property “boasts uninterrupted panoramic views across the vast ocean expanse of Walker Bay, framed by a majestic mountain backdrop — a setting that defines prestige, privacy, and presence,” the site says.

The house itself is 2 082 m², with seven bedrooms and three lounges in addition to 10 garages and other rooms and is situated on what seems to be several plots as the size of the land is 6 940 m². It also has a “heritage cottage” and a separate “flatlet”. The cottage itself is 259 m²..

Called “a masterclass in timeless architecture, this grand home offers high ceilings, elegant proportions, and exquisite craftsmanship throughout. Every room – from formal reception spaces to intimate retreats – is designed to impress while offering comfort and ease of living.”

According to PropertyTime, the most expensive home ever sold in South Africa was for R290m in 2016. That, IOL’s calculations show, would be worth R722m now.

In 2024, after a warrant of arrest was issued, Jooste reportedly took his own life at his Hermanus home. He had also been ordered to pay a R475 million fine to the Financial Services Conduct Authority (FSCA) because of being complicit in the publication of misleading financial statements about Steinhoff International Holdings.

The FSCA has said that it will go after the fine through Jooste’s estate, which will now theoretically include proceeds from the sale of the house. He was 63 when he apparently killed himself.

Jooste, a PwC report revealed earlier this year, earned millions each year, which included strategic bonuses of R20 million for some years and, on some occasions, a bonus when he successfully concludes a deal, which was worth as much as R25 million.

However, Jooste didn’t legitimately earn rewards for inking agreements as many of the mergers and acquisitions that went through Steinhoff’s books before the company spectacularly exploded in 2017 were fictitious, PwC’s 7 000-page investigation found.

Seven years ago, Jooste sold his plot in Val de Vie in the Paarl area for R13 million after initially putting it on the market for R15 million.

Overall, an IOL’s interrogation of the PwC report showed that the advisory firm found that €6.5 billion – or R117bn at the current exchange rate – artificially went through Steinhoff's books between 2009 and 2017 when the lid was blown on what is now considered South Africa’s biggest corporate scandal.

Jooste, the kingpin behind what has become known as the biggest corporate scandal in South Africa, reportedly killed himself on March 21 last year, a day before he was scheduled to hand himself over to law enforcement officers.

After blaming others for the demise of the company he had leveraged to mastermind fraud, he metaphorically fell on his sword in December 2017 when he resigned, saying in an email to senior executives: “Firstly I would like to apologise for all the bad publicity I caused the Steinhoff company the last couple of months.”

Jooste’s email adds that he made “some big mistakes” and “caused financial loss to many innocent people”. He stated: “It is time for me to move on and take the consequences of my behaviour like a man. Sorry that I have disappointed all of you and I never meant to cause any of you any harm. Please continue to live the Steinhoff dream.”

IOL